- ETH price failed to continue higher above the $230 and $240 resistance levels against the US Dollar.
- The price started a fresh decrease and broke the key $220 and $218 support levels.
- Yesterday’s highlighted breakout pattern was breached with support near $222 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is now trading below the $220 support and it might decline further towards the $207 support.
Ethereum price is struggling to gain bullish momentum versus the US Dollar and bitcoin. ETH price remains at a risk of more loses unless it settles above $220 and $224.
Ethereum Price Analysis
After trading towards the $240 level, Ethereum price started a downside correction against the US Dollar. The ETH/USD pair traded below the $230 and $225 support levels. Recently, it consolidated above the $220 support level and near the 100 hourly simple moving average. The price made an attempt to climb back above $230, but the bulls failed to gain momentum.